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- An audit provides the highest level of financial assurance in that it requires outside confirmation of information and testing of transactions. - A review provides limited assurance, and includes analytical procedures and inquires as well as industry-wide comparisons. - A compilation consists of compiling the financial information into a financial statement format. We don't perform verifications or offer assurance or opinions on the information contained in the financial statements. - An agreed upon procedure looks at only specific pieces of a financial statement or control system and is usually the result of a request by a bank or funding source or the board to gather specific information on a particular aspect of the business. |
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